Camtek Ltd. (CAMT) vs Ultra Clean Holdings, Inc. (UCTT)

Camtek Ltd. and Ultra Clean Holdings, Inc. are both Semiconductor Equipment & Materials companies. Camtek Ltd. is the larger, with a market value of $6.8B against $3.5B — 1.9× the size. Ultra Clean Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; Camtek Ltd. trades at 193×. Camtek Ltd. grew revenue faster over the last twelve months: 11.8% against 2.52%. Camtek Ltd. has the higher net margin (7.03% vs −1.07%) and the higher return on invested capital (13.0% vs 3.68%). Across the 20 metrics below, Camtek Ltd. leads on 16 and Ultra Clean Holdings, Inc. on 4.

Valuation

Metric CAMT UCTT Semiconductor Equipment & Materials median
P/E 193.49 n/m 54.39
P/S 13.60 1.60 6.08
P/B 9.66 4.89 4.89
Price to free cash flow 23.73 n/m 60.92
EV/EBITDA 54.51 27.09 39.95
EV/Sales 13.32 1.76 6.36
Earnings yield 0.52% (0.67%) 1.14%
Free cash flow yield 4.21% (3.23%) 1.28%

Profitability

Metric CAMT UCTT Semiconductor Equipment & Materials median
Gross margin 50.23% 15.83% 43.95%
Operating margin 23.46% 2.84% 10.32%
Net margin 7.03% (1.07%) 7.45%
Free cash flow margin 0.00% (5.15%) 6.77%
Return on equity 5.31% (3.11%) 4.78%
Return on assets 3.07% (1.28%) 3.62%
Return on invested capital 13.01% 3.68% 6.10%

Growth

Metric CAMT UCTT Semiconductor Equipment & Materials median
Revenue growth (TTM) 11.83% 2.52% 14.60%
EPS growth (last fiscal year) (57.02%) (869.23%) —
Revenue growth, 5-year CAGR 26.06% 7.99% 8.85%
Net income growth, 5-year CAGR 18.42% 0.00% 0.00%

Health

Metric CAMT UCTT Semiconductor Equipment & Materials median
Debt to equity 0.69 0.84 0.09
Current ratio 7.38 2.73 3.66
Net debt to EBITDA (1.06) 1.35 (0.49)

Dividend

Metric CAMT UCTT Semiconductor Equipment & Materials median
Dividend yield — — 0.85%
Payout ratio 0.00 0.00 0.00

Size

Metric CAMT UCTT Semiconductor Equipment & Materials median
Market cap 6.77b 3.52b 4.63b

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